These 8 charts show how the global economy is coping with COVID-19

-Global GDP has fallen by 4.2% since the pandemic began.

-Asia is seeing the fastest recovery.

-Consumer spending habits are shifting. India plans to immunize 300 million by July.

In November 2020, stock markets around the world rallied after initial results for the coronavirus vaccine developed by Pfizer and BioNTech showed the jab to be up to 95% effective, with the FTSE 100 jumping 5% and the Dow Jones Industrial Average up 5.6% in opening trade.

There was a similar boost following a successful trial announcement for the Moderna vaccine and after the first dose of the Oxford University/Astrazeneca vaccine was given in the UK. But is the arrival of vaccines a sign that the economy will soon be bouncing back?

Since the COVID-19 crisis began, global GDP has fallen by 4.2%. The rollout of vaccine programmes will help to steady the ship – but the rate at which countries recover, including upticks in employment and consumer confidence, depends on how quickly they are able to bring the virus under control.

A tale of two halves

Although the pandemic has had a devastating economic effect around the world, Asian countries have recovered much faster – in particular, China, which experienced only a moderate dip in 2020 and which the International Monetary Fund (IMF) predicts will see 8.2% in real GDP growth in 2021.

Overall, countries in emerging and developing Asian economies are projected to see GDP growth of 8% this year, thanks to early public health interventions and government fiscal support. Europe, in contrast, will only see GDP growth of 5.2% in 2021, while for the United States, that figure is just 3.1%.

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